WATERFRONT 2021 Q3 MARKET REPORT
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2020. With 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound area and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
JOHN DEELY executive VP of Operations Reflecting on the third-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “The third quarter was really amazing related to price appreciations, very limited inventory and time on market, but as outlined by our Coldwell Banker Bain brokers below, we are seeing a bit of change - and not just in the weather. Reports of buyer fatigue, resulting from multiple offer situations that further drove up prices, seem to have impacted activity a bit, which finally provides a positive bit of news for them. With legislation in the queue on the national front that could cause an increase to capital gains rates, many sellers who have been on the fence about selling are now concerned they could lose profit in their homes to taxes if they wait until next year. Coupled with the annual trend of the market slowing as we move into the holiday season, we believe this is a great opportunity for those buyers to return to the market. Prices are now leveling out a bit, and homeowners who are selling in the last quarter of the year always tend to be highly motivated. Buyers will also find less competition this time of year, due to inclement weather and holiday travel.”
2021 Q3 WATERFRONT COUNTIES MARKET REPORT
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Q3 2021 MARKET REPORT
RYAN LARSSON Principal Managing Broker of bellingham According to Ryan Larsson, Principal Managing Broker at Coldwell Banker Bain of Bellingham, “The market remained hot in the third quarter in the Bellingham/Whatcom County area. Prices rose about 20 percent over the same period last year. The primary driver has been very low inventory levels which continued to hover around all-time lows. The average selling price in the third quarter was over list price, which usually occurs in multiple offer situations. The number of buyers out shopping for homes dipped somewhat from earlier in the year. Many would-be home buyers voiced frustration at not being able to secure a house to buy. This frustration turned to fatigue for some potential buyers, and they decided to hold off on purchasing for the time being. With fewer buyers out shopping, those that remained in the market to buy a house faced a little less competition than they saw earlier in the year. Although multiple offers were still commonplace, a house that may have received five or ten offers earlier in the year started receiving two or three this summer. The real estate market typically slows down in the fall and winter. In 2020 the typical seasonal slowdown never really occurred, however. There were some signs of traditional cooling in late August and through September, which may indicate that this fall and winter will follow a more typical pattern.”
4 2021 Q3 WATERFRONT COUNTIES MARKET REPORT
waterfront
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
24
$1.35M
Island
$1.006M
Kitsap
14
$998K
Pierce
22
$840K
Skagit
28
$700K
Snohomish
14
$680K
Thurston
19
$825K
Whatcom
29
$792K $200K
$400K
27
$800K
$600K
$1M
NUMBER OF SALES CLOSED 300 250 200
289
150 100
139
50
50
161
100
80
66 77
0
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
INVENTORY IN UNITS / 03.31.21
71
16
27
54
21
62
28
31
-50.3%
-36.0%
-43.7%
-12.9%
+16.7%
+44.2%
+12.0%
-36.7%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2021 Q3 WATERFRONT COUNTIES MARKET REPORT
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waterfront KING
2021
2020
CHANGE
TOTAL HOMES SOLD
289
264
+9.5%
MEDIAN SOLD PRICE
$1.35M
$1.149M
+17.50%
24
46
-47.8%
100%
98%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
80
80
+0.0%
MEDIAN SOLD PRICE
$1.006M
$859K
+17.1%
27
70
-61.4%
104%
96%
+8.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M MEDIAN SOLD PRICE UP +17.5% from 2020
ISLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q3 WATERFRONT COUNTIES MARKET REPORT
$1.0M
MEDIAN SOLD PRICE UP +17.1% from 2020
KITSAP
2021
2020
CHANGE
TOTAL HOMES SOLD
100
110
-9.1%
MEDIAN SOLD PRICE
$998K
$885K
+12.8%
14
55
-74.5%
103%
97%
+6.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
139
156
-10.9%
MEDIAN SOLD PRICE
$840K
$742K
+13.2%
22
47
-53.2%
101%
96%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$998K
MEDIAN SOLD PRICE UP +12.8% from 2020
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$840K MEDIAN SOLD PRICE UP +13.2% from 2020
2021 Q3 WATERFRONT COUNTIES MARKET REPORT
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waterfront SKAGIT
2021
2020
CHANGE
TOTAL HOMES SOLD
50
52
-3.8%
MEDIAN SOLD PRICE
$700K
$665K
+5.3%
28
71
-60.6%
100%
98%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
161
139
+15.8%
MEDIAN SOLD PRICE
$680K
$650K
+4.6%
14
30
-53.3%
104%
98%
+6.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$700K MEDIAN SOLD PRICE UP +5.3% from 2020
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 WATERFRONT COUNTIES MARKET REPORT
$680K MEDIAN SOLD PRICE UP +4.6% from 2020
THURSTON
2021
2020
CHANGE
TOTAL HOMES SOLD
77
80
-3.7%
MEDIAN SOLD PRICE
$825K
$620K
+33.1%
19
42
-54.8%
1008%
96%
+4.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
66
88
-25.0%
MEDIAN SOLD PRICE
$792K
$609K
+30.0%
29
49
-40.8%
104%
98%
+6.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$825K
MEDIAN SOLD PRICE UP +33.1% from 2020
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$792K
MEDIAN SOLD PRICE UP +30.0% from 2020
2021 Q3 WATERFRONT COUNTIES MARKET REPORT
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*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.